Ann: MEL Presentation - Good Oil and Gas Energy Conference, page-10

I have only been an investor in MEL for about the last 3 years during which they have been involved in a number of unsuccessful exploration wells .
Any of those wells could have been possible company makers for them .
So like all unsuccessful / unlucky explorers with no revenue stream the losses mount up funded by credit raises from share holders .
I am not sure what their carry forward losses were when I first bought in but they would have already been significant .

They are talking Sept for first gas from Odin and that will make a big difference .
Hoping it all goes smoothly with no more delays .